Bill > SF1652

This bill establishes a new limitation on rent increases for specific low-income rental housing projects designated for seniors that receive low-income housing tax credits. The bill restricts rent increases in these projects to no more than the annual percentage increase in Social Security or Supplemental Security Income (SSI) benefit amounts, minus one percent, with a minimum floor of zero percent. In practical terms, this means that for senior housing projects receiving tax credits, landlords would be limited in how much they can raise rent each year, tying the potential increase to a social security benefit adjustment and ensuring that rent increases do not outpace modest income increases for seniors. The provision aims to provide additional financial protection for low-income senior residents by preventing potentially burdensome rent hikes, with the specific calculation based on the previous year's Social Security or SSI benefit increase.

Housing and Urban Affairs

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF1652&ssn=0&y=2025